SOUTHERN PETRO. INDUSTRIES CORP. LTD. vs ADMN. OF SPEC. UNDERTAKING OF UTI

The Supreme Court upheld the jurisdiction of the Debts Recovery Tribunal under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, affirming that the Administrator of Specified Undertaking of Unit Trust of India and UTI Trustee Company Private Limited qualify as 'financial institutions' under the Act. The Court ruled that the appeal against the Tribunal's jurisdiction was without merit, as the claim was for recovery of debts due to the respondents. Consequently, the High Court's decision was affirmed, allowing the recovery proceedings to continue.